Non-aligned licensee Beacon Financial Group will merge with Libertas Financial Planning to form a combined dealer group with approximately 270 authorised representatives.
An email from Beacon managing director Peter Daly to close stakeholders, seen by ifa, announced the merger, explaining the transaction will take effect from 1 July.
Mr Daly said the creation of a larger $4 billion FUM entity will have a number of benefits for advisers licensed by both brands, such as increased financial security, immediate economies of scale and diverse income streams, with 54 mortgage brokers already operating within the group.
Under the terms of the agreement, Libertas will retain its branding and licence, with minimal disruption to advisers and other stakeholders, Mr Daly said.
In April 2015, Beacon acquired Risk and Investment Advisers Australia (RIAA) in a deal with similar terms.
A public consultation process will help determine how the $47 million above the financial advice subsector cap will be ...
The corporate regulator has opened a consultation on its conflicts management guidance, which hasn’t been updated since ...
When it comes to advising ultra-wealthy clients, the private market can offer lucrative opportunities for long-term ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin